Pyxis Tankers reports Q2 EPS 43c vs. 23c last year

Reports Q2 revenue $13.9M vs. $9.5M last year. Valentios Valentis, our Chairman and CEO, commented: “We are pleased to report strong results for the second fiscal quarter of 2024 with revenues, net of $13.9 million and net income attributable to common shareholders of $5.0 million with basic earnings per share of $0.48 basic and of $0.43 diluted. In the quarter ended June 30, 2024, the product tanker sector continued to experience robust chartering activity driven by global demand for transportation fuels, relatively low inventories of many petroleum products, positive refinery activity, combined with the significant effect of the ongoing conflicts which has led to continued market dislocation of shifting trade patterns and ton-mile expansion of seaborne cargo transportation. During the second quarter, we reported an average daily TCE for our MRs of $32,868. Despite the usual expected seasonal slowdown, the product tanker environment remains strong, and as of August 9, 2024, 68% of our MR available days in the quarter ending September 30, 2024, were booked at an average estimated TCE of $33,850 per day. We now own and operate three modern eco-efficient MRs, two of which are currently employed under short-term time charters and one on spot voyage. On the dry side, chartering conditions have also been constructive. For the quarter ended June 30, 2024, our three mid-sized eco-efficient bulk carriers generated an average TCE of $22,333 per day. All of our dry bulk vessels are currently employed under short-term time charters, and as of August 9, 2024, the average estimated TCE was $17,200/d with bookings of 76% of available days in the 2024 third quarter. Tanker asset values continue to appreciate reaching 10 year historical highs. We continue to monitor this market for compelling acquisition opportunities. However, we decided to further expand in the dry bulk sector and in late June, we closed our second joint venture, where we acquired a 60% controlling interest in the 2015-built Kamsarmax, the “Konkar Venture,” and we now operate fleet of six mid-sized eco-vessels under a mixed chartering strategy. We anticipate the chartering environment for product tankers and dry-bulk carriers to remain constructive for the near-term. Solid global demand for seaborne cargoes across a broad range of refined petroleum products and dry-bulk commodities is expected to continue with the respective orderbooks remaining relatively manageable. Longer-term supply/demand fundamentals remain very supportive. Even though inflation is decelerating with the prospect of interest rate cuts on the horizon and continued moderate global economic growth, the uncertainty surrounding macro-economic conditions and global events necessitate continued prudent management. Besides potential vessel acquisitions, we expect to continue to pursue additional value-enhancing transactions including the repurchase of additional common shares under our authorized program, while maintaining operational and capital discipline.”